Council Asks Nigerians To Embrace Insurance Under New Reform Law

The Nigerian Council of Registered Insurance Brokers (NCRIB) has asked Nigerians to embrace insurance as a critical tool for financial protection and economic growth following the introduction of a new insurance reform law.

The appeal was made during a stakeholders’ engagement held in Abuja at the Professional Brokers’ Evening, themed “Navigating the New NIIRA: A Partnership Briefing.”

At the event, the chairman of the Abuja Area Committee of NCRIB, Ojo Richard, emphasised the significance of the law and its ongoing enforcement.

He explained that since its passage in August 2025, the Act has begun reshaping industry practices, particularly in areas of compliance and documentation.

“The law is fully in force. It requires proper identification, such as National Identification Numbers for individuals and corporate documentation for organisations, before policies are issued. This ensures transparency and accountability across the industry,” he said.

Richard noted that the reform introduces stricter compliance measures, including mandatory insurance for certain categories such as buildings above four storeys, with penalties for non-compliance.

He stressed that the Act affects all Nigerians, not just industry professionals, as it directly influences how individuals and businesses protect their assets.

“This is a comprehensive law that defines responsibilities, enforcement strategies, and penalties. It is important for every Nigerian to understand its provisions,” he added.

According to him, effective implementation of the law would significantly boost Nigeria’s economic development, noting that insurance plays a key role in advanced economies.

“Insurance is not just for large corporations—it is for individuals, families, and small businesses. If properly implemented, it can become a major driver of economic growth in Nigeria,” he said.

Also, head of Commercial at Leadway, Wale Alao, said the initiative was part of efforts to strengthen collaboration with brokers and raise awareness of the NIIRA Act, passed in 2025.

Alao explained that the engagement provided an opportunity to interact directly with brokers, appreciate their contributions to business growth, and educate them on the implications of the new law.

“We regularly engage our brokers, whether by visiting their offices or hosting sessions like this. However, we do not often have the opportunity to bring them together in one place. Today’s meeting in Abuja is to appreciate their support and also enlighten them on the new insurance reform law,” he said.

He added that the NIIRA Act is designed to transform the insurance sector by introducing more competitive, inclusive policies that make insurance more accessible and beneficial to Nigerians.

According to him, the reform is already driving increased awareness and expanding coverage nationwide, helping reposition insurance as an essential part of everyday life and business operations.

“The law ensures greater protection for individuals and businesses. With proper insurance coverage, people can safeguard their assets and recover quickly from unforeseen losses,” Alao said.

He urged Nigerians to take insurance more seriously, describing it as a vital financial instrument that enhances investment confidence and supports economic growth.

“When people know their businesses and properties are protected, they are more confident to invest, grow, and create opportunities. Insurance is a win-win for everyone,” he added.

Alao called on the government to prioritise effective implementation of the reform, stressing that enforcement remains crucial to achieving its intended objectives.

“It is one thing to pass a law, but implementation is what truly matters. We commend the government for this reform and look forward to its full execution,” he stated.